{"id":2225,"date":"2020-01-21T10:36:42","date_gmt":"2020-01-21T10:36:42","guid":{"rendered":"https:\/\/ltgplc.wpengine.com\/?p=2225"},"modified":"2020-01-21T12:59:31","modified_gmt":"2020-01-21T12:59:31","slug":"full-year-trading-update-and-notice-of-results","status":"publish","type":"post","link":"https:\/\/ltgplc.com\/news\/full-year-trading-update-and-notice-of-results\/","title":{"rendered":"Full Year Trading Update and Notice of Results"},"content":{"rendered":"
Learning Technologies Group plc, the provider of services and technologies for digital learning and talent management, is pleased to announce a trading update for the year ending 31 December 2019.<\/p>\n
The Board expects Group revenues to be up c.38% to c.\u00a3130.0 million (2018: \u00a393.9 million). Recurring revenues increased to c.73% (2018: 68%), driven by strong ongoing performance in the Software & Platforms division, a full year contribution from PeopleFluent<\/a> and Watershed<\/a>, and the acquisition of BreezyHR<\/a> in April 2019. Excluding PeopleFluent, LTG delivered organic revenue growth on a constant currency basis in both the Software & Platform and Content & Services divisions.<\/p>\n PeopleFluent delivered revenues of c.$93.0 million in 2019, ahead of previously announced expectations of c$91.0 million, supported by a significantly improved retention rate for its software licences and a good sales performance by Affirmity<\/a>. This underscores the Board’s confidence that, as guided at the time of the acquisition in 2018, PeopleFluent will return to growth in 2020.<\/p>\n Adjusted EBIT* is expected to be comfortably ahead of market expectations at not less than \u00a341.0 million (2018: \u00a326.0 million), an increase of c.58%, primarily as a result of a continued trend of improved margins across the Group and synergies being realised from the successful integration of acquisitions.<\/p>\n The Group’s net cash position at 31 December 2019 of \u00a33.8 million (2018: \u00a311.5 million net debt) was better than anticipated due to substantial cash generation in H2.<\/p>\n An active pipeline of attractive international acquisition opportunities in both Software & Platforms and Content & Services, supports the Group’s ambition to further consolidate the high growth corporate learning and talent market.<\/p>\n Further details will be provided with LTG’s full year results which are expected to be announced on 24 March 2020.<\/p>\n